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Report

Teaser, summary, work performed and final results

Periodic Reporting for period 1 - SUBFISH (The high-tech offshore and seabed fish farming system the next marine aquaculture generation)

Teaser

Summary

For this feasibility we set technical objectives to, assess the technical tasks required to optimize SUBFISH until reach its full operation (TRL9), Schedule the first European pilots to farm 1) Halibut in UK/Ireland and 2) Macaronesian Grouper in Spain, and one more in the Philippines for Leopard Coral Grouper farming. And analyse the related technical risks and definition of mitigation and contingency plans. To assess the commercial and financial feasibility we looked into other European whitefish species susceptible to be farmed using SUBFISH and the most promising production locations, validation our twofold business models - licensing and direct sale of fish - and evaluation of pricing strategies based on detailed cost analysis from farm to retailer and evaluate certification choices and the analysis of the market and our competitors, identified of the most suitable partners (distributors, agents) and potential customers in Europe.

Work performed

To assess the Technical feasibility, we studied main SUBFISH size attributes for optimal performance, and as part of understanding its impact, we performed pilot studies in the Philippines â€“ Camiguin Island, Cebu, Siquijor Island, Cuyo island. We analysed the potential markets susseptible for SUBFISH production mainly through our visit to the Philippines.

Final results

From the pilot study we received an exclusive license to operate and secured a long-term lease agreement with the government and municipality of Maria, Siquijor to build a Hatchery/ Nursery in Salagdoong forest and perform SUBFISH operations at Maria Bay. Analysing the Commercial aspects, we discovered that high Capex required, prevents potential companies from entering the industry which leads to monopoly; thus, the market remains niche, centralised among big players. Validating our business model, we will license SUBFISH and sell directly, initially high-end protein to recover Capex. We established that the Leopard Coral Grouper (Plectropomus leopardus) is mostly consumed in Asia and it has a high value and a high consumption rate. We secured strategic partnerships with localities including, Suliman University and BFAR region 7 for local biology competence, Royhle Air Charter, Air Juan and Cebu Pacific for fish air transport, Government of Siquijor island and local government Maria Municipality. A total investment of â‚¬6.4M will be financially feasible to cover the technical developments for a market ready product. Our growth opportunity lies in the option to license our technology and offer FRANCHISE operations. We expect to achieve revenues of â‚¬4.5million- and profits of â‚¬1.1 million by the fifth year.